Definition
Quitclaim Deed
A deed transferring whatever interest the grantor has, without warranting that they have any. Common between family members and in divorce.
Nearby terms
Proration
The division of ongoing costs such as property taxes and HOA dues between buyer and seller as of the closing date.
Qualified Mortgage
A loan meeting federal standards for verifying repayment ability, giving the lender certain legal protections.
Rate Lock
A lender's commitment to hold a quoted rate for a defined period regardless of market movement.
Recast
Re-amortizing an existing loan after a lump-sum principal payment, lowering the payment while keeping the rate and payoff date.
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